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2008 Economic Impact Study

2008 Economic Impact Study. Presented by: Ken Copeland Director of Economic Development. Methodology. Two surveys were conducted in Spring 2008 Faculty survey – 398 responses from 794 employees or 50% Student survey – 994 responses from 4727 students or 21%

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2008 Economic Impact Study

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  1. 2008 Economic Impact Study Presented by: Ken Copeland Director of Economic Development

  2. Methodology Two surveys were conducted in Spring 2008 • Faculty survey – 398 responses from 794 employees or 50% • Student survey – 994 responses from 4727 students or 21% Each survey asked respondents to list average monthly expenditures in the Farmville area for all types of consumer goods and services. These amounts were added to total University expenditures.

  3. Economic Impact Multiplier The idea behind an economic multiplier is that much of the direct local spending from the University, faculty, staff and students becomes income for Farmville business owners and their employees and suppliers. This local spending and re-spending of dollars derived from Longwood’s activities implies that the total impact is larger than the initial dollar amounts. The authors of the report have used a “1.5 times” multiplier and believe this to be a conservative estimate for the Farmville region.

  4. Total Direct Longwood University Expenditures

  5. Longwood University Employee Expenditures

  6. Longwood University Student Expenditures for Goods and Services in Farmville

  7. Longwood University Visitor Expenditures

  8. Longwood University Expenditures in Farmville (Direct & Indirect)

  9. Other Contributions • Longwood Center for the Visual Arts • Approximately 10,000 people attended and volunteered at LCVA sponsored offerings • Longwood Center for Language, Literacy, and Learning • Assisted over 350 people • Sports and Athletics • Approximately 15,000 people attended University athletic events • Cook – Cole College of Arts and Sciences • Music: 70 performances attended by approximately 10,000 people • Theatre: 28 performances attended by over 4,900 people • Dining and Catering Services • 200 events and meals served to more than 100,000 guests • The University Inn • Approximately 1,000 guests and hosted numerous special events on-site • Longwood Small Business Development Center • Provided services to 492 small business clients with over 3,600 hours of one-on-one business counseling and associated business assistance.

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